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‘“We’re Unaware”: PZ Cussons Nigeria Reacts to Reports of Shutting Down Nigerian Operations
Sep 20, 2024
PZ Cussons Nigeria has said it does not have complete information on the planned divestment from Nigeria
The company disclosed that it would provide more clarity on the planned sale immediately after it is made public
The PZ Cussons said it plans to exit Africa due to inflation in Nigeria and the naira devaluation
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
PZ Cussons Nigeria Plc has yet to receive a formal notice of divestment from its parent company, PZ Cussons Group.
Legit.ng reported that the consumer goods company plans to divest its African subsidiaries.
PZ Cussons gives reasons for divestment
The firm disclosed that the sale will reduce its exposure to naira fluctuations.
The personal care products manufacturer disclosed that its board has received multiple interest in the sale.
TheCable reports that PZ Cussons Nigeria said would clarify the planned divestment once it receives additional information.
On Wednesday, September 18, 2024, PZ Cussons chief executive officer Jonathan Myers said that the company is facing unparalleled inflation and economic challenges, adding that the naira devaluation has significantly impacted its financials.
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